Introduction to Microeconomics (202-0-20)

Instructors

Chiara Sotis

Meeting Info

Fisk Hall 217: Mon, Wed, Fri 12:00PM - 12:50PM

Overview of class

An introduction to economics with an emphasis on microeconomics (producer theory, market structures, game theory, externalities). The first three weeks cover aspects of general microeconomics that everyone should know, including how the market system works, how prices are determined, and introduce perfectly competitive markets as a benchmark. We introduce models to discuss incentives on the demand and supply side, think about cost structures and cover perfect competition. The last two-thirds of the class build on these tools to about deviations from the gold standard of perfectly competitive markets. Topics include: monopoly, game theory, oligopoly, externalities and public goods, and asymmetric information. We close the course by thinking about how we value things. We introduce pricing models for bonds and stocks and think about social cost benefit analysis.

Registration Requirements

Two years of high school mathematics. Basic algebra and graphing.

Learning Objectives

Upon successful completion of ECON202, students should be able to: (i) Think critically and apply learning- use the skills and knowledge learned in the class to solve new problems, and to assess implications and/or significance of personal decisions, firm behaviors and government policy. The course is designed to help students develop an appreciation of economics as a way of thinking and approaching real-world problems. (ii) Communicate economic concepts more effectively- express your understanding of course content in respectful dialogue with others. (iii) Build community- interact with faculty and peers to develop a deeper understanding of the course material and to help others learn.

Teaching Method

Lectures, problem sets, midterms, exams.

Evaluation Method

Two midterms, one final exam, and problem sets. More information can be found in the syllabus and on Canvas.

Class Materials (Suggested)

• Acemoglu, D., Laibson, D., & List, J. (2021). Economics (3rd ed., Global Edition). Pearson.
• Stevenson, B., & Wolfers, J. (2023). Principles of microeconomics (2nd ed.). Macmillan.
Another useful resource (but not available in the library is Frank, R. H., Bernanke, B. S., Antonovics, K., & Heffetz, O. (2021). Principles of economics (8th ed.). McGraw-Hill Education.)

Class Notes

Keeping up with economic news and newspaper articles posted on Canvas will be helpful, as we will discuss these in the sections and shows why we are learning what we are learning.

Class Attributes

Social and Behavioral Science Foundational Discipl
Social & Behavioral Sciences Distro Area

Enrollment Requirements

Enrollment Requirements: Students who have taken or are taking ECON 310-1 or MMSS 211-1 are not allowed to enroll in this course.

Associated Classes

DIS - Annenberg Hall G32: Tues 4:00PM - 4:50PM

DIS - Kresge Centennial Hall 2-415: Thurs 4:00PM - 4:50PM

DIS - University Hall 101: Tues 5:00PM - 5:50PM

DIS - Kresge Centennial Hall 2-435: Thurs 5:00PM - 5:50PM

DIS - University Hall 102: Tues 4:00PM - 4:50PM

DIS - Frances Searle Building 1421: Thurs 4:00PM - 4:50PM

DIS - University Hall 101: Tues 5:00PM - 5:50PM

DIS - Kresge Centennial Hall 2-435: Thurs 5:00PM - 5:50PM